European shares make a tentative rebound; Bank shares weigh

LONDON: European shares attempted a tentative rebound on Wednesday after five straight sessions in the red, with disappointing results in the banking sector weighing on indexes even after a number of positive trading updates, such as France's luxury group Kering.

The pan-European STOXX 600 STOXX was up 0.45 per cent at 0721 GMT, lingering close to lows not seen since December 2016 after a new market scare hit global markets this week.

The banking sector, the worst performing one in Europe so far this year, lost 0.45 per cent with Deutsche Bank shares down 4.2 per cent after a steep decline in third quarter profit.


Apple chip supplier AMS also extended its spectacular fall of 26 per cent during the previous session, plunging 14 per cent in early deals.

The tech sector was slightly in the red, down 0.2 per cent with Franco-Italian chipmaker STMicroelectronics also off close to 5 per cent after publishing a third-quarter update.

Among the session's early winners were luxury stocks, taking back some ground after being recently hit by worries over a growth slowdown in China.

Franc's Kering jumped over 6 per cent after its results showed demand for Gucci handbags proved more resilient than expected.